CHERY AUTOMOBILE YC 1

Lepas, an export brand of Chery, intends to start in Austria in the first quarter of 2027 and will initially offer the L8, L6 and L4 models there; prices are not yet known and local partners are still being sought. The priority is collecting customer feedback rather than achieving high sales volumes. Chery plans dedicated Lepas production facilities in Europe and follows the “In Europe, for Europe” strategy while the group continues to expand its export share. » More on kurier.at

Chery reported second-quarter revenue of 77.4 billion yuan (+5% YoY, +18% QoQ), missing analyst expectations by 11%. Net profit fell 13% to 4.4 billion yuan but beat consensus by 5%, while core earnings rose 64% QoQ to 5.5 billion yuan, exceeding estimates by 22%. Gross margin improved to 16.1%, but operating margin fell to 4.7% due to higher SG&A and R&D expenses. Free cash flow for H1 jumped to 35 billion yuan, and net cash stands at 72 billion yuan (about 50% of market cap). Deliveries of the premium model Luxeed V9 began in June and are expected to further boost shipments in the third quarter. » More on de.investing.com

Chery will launch a research and development facility at UTAC Millbrook in Bedfordshire in late autumn to adapt its Jaecoo, Omoda and Lepas models to UK roads and develop future tech including self-driving and AI. The move complements a deal to build cars at Nissan’s Sunderland plant from 2027 and follows rapid UK sales growth, with Chery brands rising to nearly 8% market share and the Jaecoo 7 the top-selling model in March. Chery plans to recruit locally and create engineering jobs, though investment and job numbers were not disclosed. » More on theguardian.com